77 Upper Rock Cir, Rockville, MD, 20850-4021, US

77 Upper Rock - 2023

Asset description

Address:	77 Upper Rock Circle, Rockville, MD
Built / Renovated:	2005 / 2020
Rentable Area:	235,347 BRSF
% Leased:	97.5%
# of Tenants:	12
WALT:	8.3 Years (as of 5/1/23)
Stories:	8 Above-Grade Floors & 1 Below-Grade
Avg. Floor Plate:	± 30,500 RSF
Parking:	714 spaces (3.0 per 1,000 SF)

...

Building area net

235,347 sf

Occupancy

98%

Year built

2005

Land area net

2.24 acres

Best-in-class, trophy investment opportunity
97.5% leased to 12 tenants with 8.3 years of WALT
Secure cashflow → 30.4% of RBA is backed by investment grade credit ratings
Proven flight to quality; over 134,000 RSF (58.1% of RBA) of new leases signed since the onset of the Pandemic
Only 12.2% of RBA is addressable from a leasing perspective prior to 2025 and 17.8% prior to 2030; minimal leasing required
1 of 7 best-in-class, Suburban Maryland offices, whose occupancy rates are highly differentiated from the broader market, collectively boasting a 99.2% occupancy rate on 1.2 MSF of inventory
Convenient, mixed-use location with nearby walkable amenities
Trophy amenity package; conference center delivered in 2022
Located in the heart of Shady Grove → Maryland’s #1 life science cluster for lab and office tenants
Anchored by Tetracore, a 24 year-old biotech firm focused on diagnostics for infectious diseases & bioterrorism threat agents, and Cirrus through 2034; 61.5% of RBA is in the life science field
Upside potential via continued office to lab conversion